Farm Bill ... Today!

Today, we're in a keep it simple mode, so here's what one of our Colorado readers had to say about the President's threat to veto:

• "Only my (Republican) party could spin “closing a tax loophole” as a “tax increase”….and yes, war is really “peace” and mounting deficits are really “fiscal responsibility”. The Colorado (Republican) party reads right out of the national playbook. Governor Ritter and the Dem Legislature just closed a loophole on property taxes and the increase in dollars will help fund the public school system…the Repugs are spending this summer traveling the state calling our Gov “Mr. Tax and Spend”. What a bunch of morons ..."
  

To be clear, the debate is about whether closing a tax loophole should be considered a tax increase. Representative Lloyd Doggett (D-TX) has a bill called "Fairness in International Tax Bill" that could stop foreign-based parent companies from moving their U.S. income (earned through U.S. sales from their U.S. based subsidiaries) to countries with either lower taxes or no taxes. President Bush originally supported the proposal but has now changed his mind.

Closing this corporate loophole allows the Farm Bill to meet "pay go" requirements and at the same time fund the extra dollars ($4B) needed for increases in spending for food stamp.

The House version of the Farm Bill has broad support, and My Rural America supports passage. Assuming passage, in September, the Senate will take up the bill so we can expect more debate. One issue will come from Senator Durbin and Senator Brown:

• Call this a preview of upcoming debate when the Senate takes up the Farm Bill in September: National Corn Growers say "Durbin-Brown Takes Farm Policy to a New Level."

More issues can be expected ... including additional support for rural development.